Marriott hotel on I-10 sold at foreclosure auction for $18M

The Marriott San Antonio Northwest hotel was sold at the foreclosure auction Tuesday.

The Marriott San Antonio Northwest hotel was sold at the foreclosure auction Tuesday.

Photo: Google Maps

Photo: Google Maps

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The Marriott San Antonio Northwest hotel was sold at the foreclosure auction Tuesday.

The Marriott San Antonio Northwest hotel was sold at the foreclosure auction Tuesday.

Photo: Google Maps

Marriott hotel on I-10 sold at foreclosure auction for $18M

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The Marriott San Antonio Northwest hotel that overlooks the intersection of Interstate 10 and Loop 410 was sold at foreclosure auction earlier this week, four years after Los Angeles company Laurus Corp. bought it and announced ambitious renovation plans.

Latitude Real Estate Investors, a company headquartered in Beverly Hills, California, foreclosed on the 296-room hotel at the Bexar County Courthouse on Tuesday, according to local foreclosure listing service RexReport.com and Brett Mayer, the company’s managing director.

Laurus Corp. defaulted on a $21.3 million mortgage loan that it took from Latitude in 2014, county property records show. The trustee for the foreclosure sale opened the bidding at $18 million, and no one submitted any bids, so Latitude automatically took ownership of the property.

The hotel will stay with the Marriott brand, Mayer said, but he wouldn’t disclose any more information about the foreclosure or Latitude’s plans for the property. Representatives of Laurus and Marriott didn’t respond to requests for comment.

To read more about the foreclosure, including contractor lawsuits and mechanic’s liens filed against the property after its rennovation, see the full story in Friday’s Business section or click here to visit our subscriber website, ExpressNews.com.